REG - Ethernity Networks - $1.5m order from existing customer

Ethernity NetworksAnnouncement

29/06/2023 11:45

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RNS Number : 4042E  Ethernity Networks Ltd  29 June 2023

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the Market
Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

 

29 June 2023

ETHERNITY NETWORKS LTD.

("Ethernity" or the "Company")

 

$1.5m order received from existing fixed wireless customer

 

·    Deliveries will commence immediately and payments are scheduled to be
received in stages, with the last payment due by the end of the third quarter
of 2023

 

Ethernity Networks (AIM: ENET.L; OTCQB: ENETF), a leading supplier of data
processing semiconductor technology for networking appliances, is pleased to
announce that it has received a purchase order for $1.5m from its existing
fixed wireless customer (the "Customer"), to supply the Company's data
processing system-on-chip ("SoC"), in staged deliveries during the third
quarter of 2023. The payments for the deliveries are to be received in stages
with last payment due by the end of the third quarter of 2023 and therefore
contribute towards the Company's revenue targets for 2023.

 

Ethernity has provided the Customer with its unique silicon-tuned software
which, thanks to the efficiency of the data processing SoC's design, fits into
low-cost FPGAs. Working in concert with the Customer's radio technology in its
tower-installed base nodes, the Ethernity SoC provides advanced networking
functions, traffic control, and management for hundreds of homes via the ENET
SoC.

 

David Levi, CEO of Ethernity Networks, commented: "The support we have
provided to this customer over the past seven years has not only led to this
expansion of their business, but also to ongoing development toward a
second-generation FWA base station node. There is clearly significant value in
our collaboration with our customers, as demonstrated by this order."

 

For further information, please contact:

 

 Ethernity Networks Ltd                                        Tel: +972 8 915 0392
 David Levi, Chief Executive Officer
 Mark Reichenberg, Chief Financial Officer

 Allenby Capital Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 Amrit Nahal (Sales and Corporate Broking)

 Peterhouse Capital Limited (Joint Broker)                     Tel: +44 (0)20 7562 0930
 Lucy Williams / Duncan Vasey / Eran Zucker

 

About Ethernity ( www.ethernitynet.com (http://www.ethernitynet.com/) )

Ethernity Networks (AIM: ENET.L OTCQB: ENETF) provides innovative,
comprehensive networking and security solutions on programmable hardware that
increase telco/cloud network infrastructure capacity. Ethernity's
semiconductor logic offers data processing functionality for different
networking applications, innovative patented wireless access technology, and
fibre access media controllers, all equipped with control software with a rich
set of networking features. Ethernity's solutions quickly adapt to customers'
changing needs, improving time-to-market, and facilitating the deployment of
5G over wireless and fibre infrastructure.

 

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